Sure, you can. I never use Home.
Backup everything first, format (quick) FAT32 and copy the content of the new navcore.
I suggest you to do this via DOS prompt with the command xcopy/robocopy, so that files are sequentially copied one after the other. It'll be slower, but you won't need any defrag at the end.
Then connect the device to Home and reinstall all the Loquendo voices and the gadgets you like (or copy the previously saved folders missing from the "fresh" navcore). Normally I reinstall only Loquendo, voices and raster.
You might want to use the Tomtom clear_flash, before rebooting.